AMC Stock Soars on Hycroft Mining Update
Popular meme stock AMC Entertainment (NYSE: AMC ) is up by more than 7% today following a series of company developments. First, Hycroft Mining (NASDAQ: HYMC ) announced it would initiate its largest exploration program in almost a decade. Back in March, AMC announced it would take a 22% stake in the gold and silver mining company. AMC, along with acclaimed metals investor Eric Sprott, invested $27.9 million each in HYMC. Both parties also received 23.4 million warrants with a five-year term. These warrants carry an exercise price of about $1.07. Since then, Sprott has reduced his stake by about 4 million shares. During the first quarter, Hycroft mined 5,358 ounces of gold and 16,861 ounces of silver. Meanwhile, the price per ounce of gold has declined by about 5% year-to-date, while silver has fallen by about 17%. The exploration program will occur at the Hycroft Mine in Northern Nevada. In addition, there has been no exploration drilling at the mine since 2014. Let’s get into the details.
AMC Stock Soars on Hycroft Mining Update
Popular meme stock AMC Entertainment (NYSE: AMC ) is up by more than 7% today following a series of company developments. First, Hycroft Mining (NASDAQ: HYMC ) announced it would initiate its largest exploration program in almost a decade. Back in March, AMC announced it would take a 22% stake in the gold and silver mining company. AMC, along with acclaimed metals investor Eric Sprott, invested $27.9 million each in HYMC. Both parties also received 23.4 million warrants with a five-year term. These warrants carry an exercise price of about $1.07. Since then, Sprott has reduced his stake by about 4 million shares. During the first quarter, Hycroft mined 5,358 ounces of gold and 16,861 ounces of silver. Meanwhile, the price per ounce of gold has declined by about 5% year-to-date, while silver has fallen by about 17%. The exploration program will occur at the Hycroft Mine in Northern Nevada. In addition, there has been no exploration drilling at the mine since 2014. Let’s get into the details.